Industry News

OrangeTee has expressed support for several initiatives announced during the Ministry of National Development’s (MND) Committee of Supply debate, highlighting the potential benefits for developers, public rental families, and seniors. The company noted that extending the Additional Buyer’s Stamp Duty (ABSD) remission deadline for developers could lead to improved construction standards, particularly for larger, complex projects near MRT stations.

However, challenges remain, such as the success of en bloc sales and market conditions affecting high-end projects reliant on foreign buyers.

The increase in the Fresh Start Housing Grant is seen as a positive move to help public rental families achieve homeownership, potentially fostering stronger communities and enhancing social equity. OrangeTee believes this initiative will lower financial barriers for first-time buyers, especially low-income families.

For seniors, the expansion of the Silver Housing Bonus (SHB) to include private properties with an annual value between US$15,400 (S$21,000) and US$22,800 (S$31,000) offers a chance to improve retirement planning and financial stability. Despite cultural hesitations, the scheme aims to protect seniors’ finances by ensuring funds for retirement and medical care.

The upcoming Build-To-Order (BTO) project at Mount Pleasant is expected to attract significant interest. OrangeTee anticipates the area could become as desirable as Toa Payoh or Bishan, with its central location, proximity to the MRT, and surrounding greenery. The project’s classification as a Plus development could see prices for 4-room flats ranging from US$330,000 (S$450,000) to over US$515,000 (S$700,000). Demand is expected to be strong, mirroring high application rates seen in previous BTO launches.
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Indeed’s latest Smarter Hiring Report reveals a growing trend among Singaporean employers towards skills-first hiring, with 59% planning to prioritise competencies over traditional credentials. However, a significant gap remains, as only 36% of job seekers are familiar with this approach, compared to 67% of managers.

The report underscores the importance of soft skills, with 70% of employers valuing attributes such as teamwork, communication, and critical thinking over hard skills. This shift reflects a broader move away from evaluating candidates solely on academic qualifications, with many employers now favouring candidates with practical experience over those with degrees.

Rachael Townsley, Marketing Director at Indeed APAC, emphasised the need for alignment in the hiring ecosystem to fully realise the benefits of skills-first hiring. “Without alignment, employers lose access to a diverse talent pool, and job seekers miss out on career opportunities that match their strengths,” she stated.

Artificial intelligence (AI) is also playing a pivotal role in the recruitment process, with 41% of employers using AI tools to identify suitable candidates. The technology is expected to streamline recruitment processes and reduce bias, creating a fairer hiring experience.

As Singapore continues to embrace skills-first hiring, the focus on diverse skills and experiences is poised to enhance the resilience and adaptability of the workforce, paving the way for a more innovative and inclusive job market.
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Coursera has launched a new playbook titled “Closing the Gender Gap in GenAI Skills,” aimed at addressing the gender disparity in Generative AI (GenAI) skills. Despite Singapore’s rapid adoption of AI, women remain significantly underrepresented in this field. Coursera’s data shows that women make up 45% of all learners in Singapore but only 32% of GenAI course enrolments, mirroring a global trend.

The playbook outlines several barriers that limit women’s participation in GenAI, such as stereotypes, confidence gaps, and a perceived lack of relevance. It also provides actionable strategies to empower more women to engage with GenAI, highlighting the importance of a diverse AI landscape. Karine Allouche, Global Head of Enterprise at Coursera, emphasised the need for equal opportunities, stating, “Expanding opportunities for women in GenAI and equipping them with critical skills remains an urgent priority.”

In 2024, Singapore saw a 253% increase in GenAI course enrolments among women, outpacing the 168% growth among men. This surge underscores the growing interest in AI skills, despite existing disparities. Coursera’s playbook suggests that increasing female representation in AI education and leadership roles could further enhance engagement and retention.

The playbook aims to equip institutions, individuals, and governments with strategies to foster inclusivity in GenAI. By addressing these challenges, Coursera hopes to ensure that AI development benefits from diverse perspectives, ultimately leading to more equitable outcomes.
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Thoughtworks, a global technology consultancy, has announced a strategic partnership with GXS Bank to facilitate the launch of two digital banks in Singapore and Malaysia within a year. This collaboration aims to accelerate GXS Group’s regional expansion by leveraging Thoughtworks’ expertise in strategy, design, and engineering.

The partnership has resulted in the development of a seamless and secure digital banking mobile platform, which serves as the foundation for GXS Group’s retail and business banking products in both countries. A key innovation is the GXS FlexiLoan, a personal loan product in Singapore that offers flexible repayment options tailored to each customer using a proprietary credit assessment model.

Rajat Malhotra, Chief Technology Officer at GXS Bank, highlighted the importance of a modular and scalable approach, stating, “Thoughtworks is a pioneer in the field of agile frameworks, and its disciplined approach, understanding of best practices, and engineering principles have been a strong support for our engineering teams.”

Wayne Te Paa, Managing Director for Banking, Finance Services and Insurance at Thoughtworks Asia Pacific, added, “By enhancing GXS Bank’s engineering culture and delivering a robust and scalable mobile platform solution, we are proud to have enabled GXS Bank to create and rapidly launch high-quality new digital banking services.”

The collaboration underscores GXS Group’s commitment to improving financial inclusion and supporting economic growth across Southeast Asia. The scalable infrastructure developed by Thoughtworks ensures compatibility with regional ecosystems, allowing GXS Bank to benefit from economies of scale and talent from its centres of excellence.
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MoneyHero Limited, a prominent personal finance and digital insurance platform in Greater Southeast Asia, has unveiled a new three-click travel insurance purchase feature for its members in Singapore. This innovation is designed to cater to the increasing travel plans of Singaporeans in 2025, with 53% intending to spend more on holidays compared to 2024. The feature allows users to compare policies from top insurers and complete purchases in just three steps, reducing the time required by over 75%.

The new feature addresses the common inconvenience faced by frequent travellers who must compare multiple insurance policies before each trip. By enabling MoneyHero Group members to select a preferred policy, review details, and make payments in three simple clicks, the process is significantly streamlined. Users can also autofill personal details from previous purchases, eliminating repetitive form-filling.

This enhancement not only benefits customers by providing faster access to coverage but also aids insurers by improving conversion rates and increasing policy sales. Rohith Murthy, CEO of MoneyHero, stated, “Travellers today seek efficiency and convenience, and they don’t want to waste time filling out the same forms every time they travel. They want a fast, seamless way to compare and purchase insurance with minimal effort.”

MoneyHero’s insurance business has seen a 54% increase in revenue year-over-year in the first nine months of 2024. The company plans to extend the three-click purchasing feature to additional insurance products and markets, further solidifying its position in the digital insurance sector.
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Colliers International has been appointed as the exclusive agent for the sale of a 3-storey strata terrace factory with a basement and roof terrace at Midview City, Singapore.

The property is being marketed through an Expression of Interest (EOI) exercise, offering investors a chance to secure a high-yielding industrial asset in a prime location.

Located in the Sin Ming Industrial Estate, Midview City is an integrated light industrial development comprising six 8-storey blocks and a row of 3-storey terrace blocks. The site is conveniently accessible via Sin Ming Lane and Bright Hill Drive, with the latter being a short 10-minute walk from Bright Hill MRT Station on the Thomson-East Coast Line.

The factory spans a strata area of approximately 9,009 square feet and is zoned “Business 1” under the Urban Redevelopment Authority’s Masterplan 2019. It holds a leasehold tenure of 60 years from 23 January 2008, leaving around 43 years remaining. Notably, the property is fully occupied and approved for use as a childcare centre, currently leased to one of Singapore’s largest private preschool operators.

Raphael Lee, Director of Industrial Services at Colliers, highlighted the property’s appeal: “Midview City is well-known for its prime location with a diverse mix of businesses and has proven to be an attractive choice for many companies and investors.”

The guide price for the property is set at $4.5m (S$6.2m), translating to $500 (S$688) per square foot on the strata area. The sale is open to foreign buyers, with no Additional Buyer’s Stamp Duty applicable. The EOI closes on 29 April 2025 at 3pm.
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Catherine Wu has resigned as an unpaid independent adviser to Millennium & Copthorne Hotels Limited (MCHL) with immediate effect, according to an official statement by Kwek Leng Beng, Executive Chairman of City Developments Limited (CDL). Dr Wu, who had served in this role since August 2024, previously held a director position on the MCHL Board from June 2022 to January 2024.

The resignation comes amidst a backdrop of corporate governance disputes within CDL. The CEO of CDL had previously cited serious governance issues involving Dr Wu as a primary reason for a boardroom coup. With Dr Wu’s departure, Kwek Leng Beng emphasised the need to restore investor confidence and address governance breaches allegedly committed by the CEO and his team.

Under the CEO’s leadership, CDL has faced significant challenges, including a S$1.9b loss due to the Sincere Property debacle in FY2020 and a 94% profit decline in the first half of 2023 due to poor investment decisions in the UK property market. These issues have contributed to CDL’s share price underperforming compared to its peers since 2018.

Kwek Leng Beng stressed the importance of strengthening CDL’s corporate governance framework to align with shareholders’ long-term interests. He expressed confidence that focusing on CDL’s core businesses would restore investor confidence and enhance shareholder value over time.
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8picure, a cosy 18-seater restaurant in Singapore, has announced a refresh of its popular 8-course degustation menu, set to launch on 1 April 2025. The updated menu will feature ingredients from new and lesser-known suppliers, alongside innovative cooking techniques inspired by Chef Gabriel Lee’s culinary explorations across Europe.

Chef Gabriel, a former banker turned chef, has infused his passion for Italian cuisine with Asian influences, creating a unique fusion dining experience. His journey began with a Cuoco Certificate from Chef Academy in Terni, Italy, and an internship at The Kingham Plough in Oxfordshire, England. These experiences shaped his culinary style, which he now shares with diners at 8picure.

The restaurant, located at River Valley, underwent an ambience refresh in October 2024 to align with evolving customer preferences. The new interior features a verdant green palette, replacing the previous austere black, to enhance its casual fine dining atmosphere.

Signature dishes on the refreshed menu include the Singaporean-Italian fusion 8picurean Crabcake with Chilli Crab Sauce and Italian-Asian Tuna Salsa with Prawn Crackers. The Sakura Ebi Capellini and 8picurean Tiramisu are also highlights. The degustation menu is priced at $72 (S$98)+ per head.

Chef Gabriel’s vision for 8picure is to offer an intimate dining experience that balances personal touch with the ability to host small dining parties. “I most enjoyed cooking for small groups at home, but I also wanted to cook for more people,” he said. The restaurant’s name, 8picure, reflects this fusion of epicurean delight and Chinese heritage.
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Qubit, a Pune-based startup known for its real-time cinematic solutions, has expanded its operations to Singapore, registering as Visualscape Singapore Pte Ltd. This move is part of Qubit’s strategy to establish a global footprint, with Singapore serving as a pivotal hub for its international operations. The company projects ₹100 crore in revenue from its Singapore operations within the next two years.

Singapore’s digital economy, which accounts for 18% of the nation’s economic output, is expected to become one of the top three investment destinations in the Asia Pacific by 2025. This makes it an ideal launchpad for Qubit, especially as the real estate sector anticipates the launch of 12,000–14,000 new residential units in 2025, driving demand for advanced 3-D visualisation technologies.

Ajjay Parge, founder of Qubit, stated, “Establishing our presence in Singapore is a strategic move to build credibility in a technology-forward market before expanding further. Our Singapore operations will act as a launchpad, enabling us to seek projects from multiple countries like the Philippines and UAE.”

Qubit’s flagship product, Navigo, has already achieved a turnover of ₹15 crore in its first nine months, indicating strong market traction. The company plans to expand its workforce from 60 to 150 employees and double its operational space within the next year. As Qubit continues its expansion, it aims to secure high-profile projects in international luxury real estate markets and achieve ₹10,000 crore in sales by 2025-26.
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The Urban Redevelopment Authority has concluded the tender for a site at Media Circle (Parcel A), part of the second half of 2024 Government Land Sales programme. The site, capable of yielding approximately 325 residential units and 400 square metres of commercial space, attracted three bids. The highest bid, submitted by CNQC Realty (Bloomsbury) Pte. Ltd., Forsea Residence Pte. Ltd., and Hoovasun Holding Pte. Ltd., was S$315m, equating to about S$1,037 per square foot per plot ratio (psf ppr).

This bid was 5.7% higher than the next highest offer from EL Development Pte Ltd, which stood at S$298m or S$981 psf ppr. However, these figures fell short of initial expectations and were lower than the land rate of a neighbouring site sold earlier this year.

The previous site at Media Circle was awarded in February 2024 to CNQC Realty (Clementi) Pte. Ltd. and Forsea Residence Pte. Ltd. for S$395,288,889 or S$1,191 psf ppr. The lower bids for Parcel A may reflect a cautious approach due to its distance from MRT stations and amenities compared to other sites in the one-north area.

Despite this, the future development may attract those seeking a quieter residential area surrounded by lower-rise buildings. The commercial elements of the site are expected to bolster the area’s residential appeal, complementing the business-centric environment of one-north.

Justin Quek, CEO of OrangeTee & Tie, noted that the site’s proximity to the one-north business precinct, National University Hospital, National University of Singapore, and the Science Park business area could drive demand from professionals and investors. Additionally, expatriates with children at the nearby Tanglin Trust School may contribute to future rental demand. The tender for another plot, Media Circle (Parcel B), is set to close in April 2025.
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